Journal of Corporate Finance最新文献_第10页

The impact of automation on firms' reporting quality 自动化对公司报告质量的影响

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-10-15 DOI: 10.1016/j.jcorpfin.2024.102683

David Oesch, Tanja Walser

引用次数: 0

Optimal financing of highly innovative projects under double moral hazard 双重道德风险下高度创新项目的最佳融资方式

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-10-14 DOI: 10.1016/j.jcorpfin.2024.102684

Gino Loyola , Yolanda Portilla

引用次数: 0

Does relaxing household credit constraints hurt small business lending? Evidence from a policy change in Texas 放宽家庭信贷限制是否会损害小企业贷款？得克萨斯州政策变化的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-10-09 DOI: 10.1016/j.jcorpfin.2024.102682

Berrak Bahadir , Inci Gumus , Matthew Schaffer

{"title":"Does relaxing household credit constraints hurt small business lending? Evidence from a policy change in Texas","authors":"Berrak Bahadir , Inci Gumus , Matthew Schaffer","doi":"10.1016/j.jcorpfin.2024.102682","DOIUrl":"10.1016/j.jcorpfin.2024.102682","url":null,"abstract":"<div><div>This paper studies the relationship between household credit and small business loans using the 1997 liberalization of home equity lending in Texas. First, we build a closed economy general equilibrium model that examines two opposing channels: a negative crowding out effect and a positive collateral effect. Our analysis shows that, following a household credit expansion, the crowding out effect dominates and leads to an overall decline in firm borrowing. We test this result empirically by exploiting the liberalization of home equity loans in Texas. The exogenous increase in household credit brought on by the liberalization results in a crowding out of business lending, as small business loan growth declines by roughly 20 percentage points. This negative effect is dampened in counties that experienced stronger house price growth, providing evidence of a subsidiary collateral effect. We further explore the bank-level factors that could influence the strength of the crowding out effect and find that the effect is weaker for banks with easier access to funding and a specialization in business lending.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102682"},"PeriodicalIF":7.2,"publicationDate":"2024-10-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142432662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effect of bond ownership structure on ESG performance 债券所有权结构对环境、社会和公司治理绩效的影响

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-10-09 DOI: 10.1016/j.jcorpfin.2024.102678

Hye Seung Lee , Jesus M. Salas , Ke Shen , Ke Yang

引用次数: 0

Compensation peer effects of corporate social responsibility 企业社会责任的薪酬同行效应

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-10-04 DOI: 10.1016/j.jcorpfin.2024.102679

Yuyuan Chang , Nicolai J. Foss , Shuping Li , Jing Xie

{"title":"Compensation peer effects of corporate social responsibility","authors":"Yuyuan Chang , Nicolai J. Foss , Shuping Li , Jing Xie","doi":"10.1016/j.jcorpfin.2024.102679","DOIUrl":"10.1016/j.jcorpfin.2024.102679","url":null,"abstract":"<div><div>This article examines the role of CEOs' personal incentives in steering their firms' CSR initiatives following their compensation peers, subsequently influencing their career trajectories within their current firms. Specifically, we find that firms exhibit better corporate social responsibility (CSR) performance if their compensation peer (CP) firms demonstrated superior CSR performance in the prior year (i.e., the CP effect). To mitigate the endogeneity concern, we conduct analyses based on the termination (initiation) of CPs' peer relation with the focal firm, a benchmark test, and an instrumental variable analysis. To establish the mechanisms of internal monetary rewards from their firms and enhanced external career tournaments in the labor market, we show the CP effect is stronger if the focal company CEOs have compensation contracts specifying CSR performance targets, face a larger compensation shortfall relative to their CP counterparts, operate in closer geographical proximity to those CP CEOs, or hire more compensation consultants. Furthermore, we find that the probability and quantity of CSR contracts received by focal firms' CEOs increase with CPs' lagged CSR. CEOs receive higher compensation than those in CP firms after they deliver better CSR performance than their CPs. Overall, our paper highlights the role of CEOs' personal incentives in steering their firms' CSR initiatives, subsequently influencing their career trajectories within their current organizations.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102679"},"PeriodicalIF":7.2,"publicationDate":"2024-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Supply chain vertical common ownership and cost of loans 供应链纵向共同所有权和贷款成本

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-10-02 DOI: 10.1016/j.jcorpfin.2024.102677

Haowen Tian , Junkai Wang , Sirui Wu

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引用次数: 0

Impact of internal governance on investment policy: Evidence from CEO voluntary turnovers 内部治理对投资政策的影响：首席执行官自愿离职的证据

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-30 DOI: 10.1016/j.jcorpfin.2024.102676

Ivan E. Brick , Darius Palia , Yankuo Qiao

{"title":"Impact of internal governance on investment policy: Evidence from CEO voluntary turnovers","authors":"Ivan E. Brick , Darius Palia , Yankuo Qiao","doi":"10.1016/j.jcorpfin.2024.102676","DOIUrl":"10.1016/j.jcorpfin.2024.102676","url":null,"abstract":"<div><div>The theoretical and empirical literature suggests that CEO might not make risky long-term investments if the CEO believes that the benefit of such investments would not materialize or is not recognized by the market until after the CEO has retired. This paper tests the predictions of the Acharya, Myers, and Rajan (2011) internal governance model to counteract the CEO’s tendency to forego such investments on a sample of voluntary CEO turnovers. We find that the optimal level of sharing of tasks between the CEO and her top-management team, the firm’s internal governance, is dependent on the CEO’s career horizon. Additionally, we find the effect of internal governance only matters for older CEOs. We also find that the closer the internal governance is to the optimal level, the smaller is the underinvestment for an older outgoing CEO. We find that the new incoming CEO divests profitably the assets acquired under good internal governance. Finally, we find that optimal internal governance is found to have positive effects on corporate innovation. Our results are robust to continuous matching by generalized propensity score and controlling for the CEO’s explicit pay-performance sensitivity, succession plan, and pay duration.</div></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":"89 ","pages":"Article 102676"},"PeriodicalIF":7.2,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142445679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does tax reform affect labor investment efficiency? 税制改革会影响劳动力投资效率吗？

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-23 DOI: 10.1016/j.jcorpfin.2024.102673

Steven E. Kaplan , Eugie Y. Lee

引用次数: 0

Corporate social responsibility and external disruptions 企业社会责任和外部干扰

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-23 DOI: 10.1016/j.jcorpfin.2024.102675

Po-Hsuan Hsu , Hsiao-Hui Lee , Long Yi

引用次数: 0

Institutional dual ownership and voluntary greenhouse gas emission disclosure 机构双重所有权与自愿温室气体排放披露

IF 7.2 1区经济学

Journal of Corporate Finance Pub Date : 2024-09-19 DOI: 10.1016/j.jcorpfin.2024.102671

Johannes A. Barg , Wolfgang Drobetz , Sadok El Ghoul , Omrane Guedhami , Henning Schröder

引用次数: 0